Shriram Life Saral Jeevan Bima offers comprehensive and affordable term insurance that can be used to secure the financial future of the family of the assured in case of his/her untimely death during the policy term. These plans will payout the sum assured to the nominee to help them take care of their financial needs and obligations. Let us see some other features and benefits of Shriram Saral Jeevan Bima plan.Read more
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Here is a list of all the key features of this Shriram Term Insurance Plan:
The plan offers you a wide range of policy term options ranging from 5 to 40 years.
You can pay the premiums at your convenience in single, limited, or regular premium payment terms.
You can avail tax benefits as per the prevailing tax laws under the IT Act.
The table below shows the eligibility criteria for Shriram Life Saral Jeevan Bima:
|Age at Entry||18 Years||65 Years|
|Policy Term||5 Years||40 Years|
|Maximum Maturity Age||70 Years|
|Sum Assured*||Rs 5 lakh||Rs 25 lakh|
|Options for Premium Payment||Regular, Limited - 5/10 Years, Single Pay|
|Mode of Premium Payment||Single, Monthly, Semi-Annually, Annually|
*The Sum Assured shall be in the multiples of Rs 50,000
The following are some of the key benefits of Shriram Life Saral Jeevan Bima:
A death benefit is provided to the nominee in case the policyholder passes away while the policy is still active as per the following T&Cs:
On death during the waiting period, the nominee will receive
Sum assured on death in case of death due to an accident
100% of the premiums paid in case of death due to any other reason than an accident
On death after the waiting period, the nominee will receive
The sum assured on death will be payable in lump sum
The “sum assured on death” will be defined as the higher of the following
10 times the AP (annualised premium) for regular and limited pay policies, and 1.25 times the AP for single pay
Base sum assured
105% of the entire premiums paid
There is no maturity benefit offered under this term insurance plan.
The term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, can be availed as per the prevailing tax laws.
This Shriram Life Insurance plan offers the following additional benefits:
Premium Payment Modes: The available premium payment modes under this plan are yearly, half-yearly, and monthly modes.
Grace Period: This saral jeevan bima plan offers a 15 day grace period for monthly premium payment modes and a 30 day grace period for all the other premium payment modes.
Loan Facility: There is no loan facility available under this plan.
Revival Period: A lapsed Shriram life saral jeevan bima can be revived within 5 years from the date of the first unpaid premium by paying all the outstanding premiums along with the applicable interest.
Surrender Value: There is no surrender value applicable under this plan.
Policy Cancellation Value: The policy cancellation value applicable for single and limited premium pay policies is as follows:
70% x single or total premiums paid x remaining policy term / total policy term
No policy cancellation value is applicable for regular premium policies.
Free Look Period: The plan provides a 15 day free look period for offline purchased policies and a 30 day free look period for online purchased saral jeevan bima plan.
The following are the required documents to buy Shriram Life Saral Jeevan Bima are mentioned below:
Proof of Residence
Passport size photographs
Date of Birth Proof
Regular/Limited Premium Policy
If the life insured dies by suicide within a year of policy commencement, the nominee will be eligible for at least 80% of the total premiums paid to date, but this excludes any taxes paid.
The same conditions apply if the policy is revived and the life insured dies by suicide within 12 months from the policy revival.
If the life insured commits suicide within 12 months of policy commencement and 12 months from the revival of the policy, no claims will be entertained, except 90% of the Single Premiums paid, excluding any extra charges.
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